Here’s another inclusion for the buyer knowledge section of your website. Both your investor clients and average buyer clients will appreciate learning more about condos. Are there pros? Certainly! However, there are some potential nightmares for your clients to investigate before taking the plunge.
Title: How Condos Can Become Nightmares
- 50% or more of the units are tenant-occupied.
If 50% or more of the units are rentals, it may be more difficult to find a lender to lend money for a unit in the complex. If few lenders will make loans, this may affect when you can resell and what the resale price may be.
- The association’s “reserve fund” is less than healthy.
Without a large sum of money in reserve, owners might have to pay a costly special assessment when a major repair needs to be done. This can affect resale value substantially.
- The project is in litigation.
If the project is involved in litigation with builders and/or other homeowners, this can quickly deplete reserve funds and affect resale value.
- There is a non-responsive homeowners’ association.
If the homeowners’ association does not have regular meetings, does not use standard accounting procedures, or is not responsive to problems, this can create selling pressure and a poor presentation to potential buyer.
- The head of the homeowners association is incompetent!
If the leader leaves much to be desired, you and other owners will have to weather a year of inept (or worse) leadership.
- You have bad neighbors.
Since good fences make good neighbors, what happens when you have no fence?
- There are different “opinions” on maintenance.
The project will never look as good as the most persnickety owner would want or as bad as the worst sloth could make it.
Our book Fast Lane Buyer Systems includes numerous forms, letters, and checklists to share with your buyers on your website. This, in turn, shows your sellers how hard you work in finding the right buyer for their home.
Call us at 800.792.5837 and ask for the blog special to get this book for just $50.
